New Standard Defers Western Australian Exploration Program

By Joseph R. Fonseca
Wednesday, June 04, 2014

New Standard Energy Limited (New Standard) advises that the Southern Canning Joint Venture (SCJV) has agreed to delay drilling of the Brooke North-1 well until late 2015. In line with this the Company plans to defer all of its Canning and Carnarvon Basin drilling activity until 2015.

Unfortunately delays in receiving various stakeholder approvals required for the drilling of the Brooke North-1 well have made it impossible to drill the well prior to this year’s wet season. As a result New Standard, with the support of its SCJV partners (ConocoPhillips and PetroChina), has been in discussions with the State Government and the Department of Mines & Petroleum (DMP) to ensure that the delay does not jeopardise the tenure of the SCJV permits.

New Standard is also finalising the renegotiation of the Drilling Services Agreement with Enerdrill to re-program the drilling of its Western Australian wells until 2015. Both companies remain committed to the intended drilling program and have sought to renegotiate timelines rather than terminate the drilling contract, an outcome which is beneficial to both parties. The company is also focused on progressing native title and heritage clearances with Traditional Owners.

New Standard Energy Managing Director Phil Thick said the support received from the DMP and the SCJV partners was very positive.  “We are now in a position where we will expect to have extra time to plan and implement our WA drilling program, whilst retaining the upside of our considerable acreage and the support of our global partners. We all remain committed to the huge prospectivity of the Canning Basin,” he said.

“Our recent transactions to secure the Eagle Ford Shale and Cooper Basin acreage was driven by the need to diversify our risk and opportunity. We will continue our new focus on these projects, which we believe will drive shareholder value, whilst we retain our significant positions and the potential upside in the Canning and Carnarvon Basins.”

New Standard

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

China Unveils Action Plan on Maritime Silk Road

China has unveiled the principles, framework, and cooperation priorities and mechanisms in its Maritime Silk Road initiative in a bid to enhance regional connectivity

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Feds Delay LNG’s Port Ambrose Application

The US Coast Guard and the US Maritime Administration (MARAD) have temporarily suspended their review of the proposed Port Ambrose deep-water LNG import terminal.

Energy

USA Urged Not to Delay Arctic Drilling

The U.S. should immediately begin a push to exploit its enormous trove of oil in the Arctic waters off of Alaska, or risk a renewed reliance on imported oil in the future, reports AP.

Feds Delay LNG’s Port Ambrose Application

The US Coast Guard and the US Maritime Administration (MARAD) have temporarily suspended their review of the proposed Port Ambrose deep-water LNG import terminal.

Austal Graduates 48 4-Yr Apprentices

Austal USA combined two classes to graduate a total of 48 members of Austal’s cutting-edge four-year apprenticeship program yesterday at a formal ceremony held at the Arthur R.

News

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

USNS Spearhead Delivers Materials to Ghana Charities

  The U.S. Navy’s joint high-speed vessel USNS Spearhead (JHSV 1) delivered wheelchairs and medical supplies to Ghanaian non-governmental organizations March 26, 2015.

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1719 sec (6 req/sec)